When is a completed buyer's order considered legally binding?

A completed buyer's order is considered legally binding when both parties agree on a price and sign the order. This agreement signifies that there is a mutual understanding and acceptance of the terms outlined in the buyer's order. The signing establishes the legal intent to enter into the agreement, making it enforceable.

While an agreement on price or a deposit indicates progress in the sales process, neither is sufficient to fully constitute a binding contract. Additionally, financing approval is a separate condition that might affect the transaction but does not inherently establish a legally binding agreement between the buyer and the dealer. Thus, the key elements of mutual consent (agreement on the price) and formalization (both parties signing) are essential for the buyer's order to be considered legally binding.